Home Budgeting

[BCClone]

Here is something to make tracking how you are doing EXTREMELY easy. Pay every bill you have. Then move any money you have to savings but say $1000. If you don't have that then you need to get a little finer tuned than this. You could do 500 I guess. Have this balance after all bills and outstanding withdrawals are subtracted. Do the exact same thing on the first of the month (or 15th if you get paid then once a month like my wife) for 3 months. Make sure you add or subtract the balance on your credit cards. if you have more in your savings after 3 months, you are fine just moving along most likely. If you had to pull money out of savings, or increase a credit card balance, then you need to go through and detail every expense you had and figure out where your issues are.

3 months gives you a general clearer picture than just one month.

 

[pulse]

BUMP

Anyone on CF a frequent user of YNAB? I tried it and couldn't keep up with the method. So I switched to Mint. Now I'm realizing that Mint is too focused on the past. I'm considering switching back to YNAB, but need some help on how to make it successful.

The YNAB website has good videos and articles on any scenario, because you’re never unique in what you’re doing. For example the post from a couple of years ago, I’d say get the mortgage category funded by the end of the previous month, so when the 1st roles around it’s funded, and then you start funding the cat for the next month. Just watch vids.

 

[mkadl]

My wife and I have come to the point where we’ve accomplished all of our larger financial goals (mainly having a kid and buying a house) and now it’s time to focus on saving more $. I want to get into the minutia of where our money really goes so…


What app/program/website/ back-of-an-envelope do you fellow Fanatics use to budget your home finances?

I budget everything in Quicken 4 months or more in advance, all bills and income. Never carry a credit card balance. Utility bills are budgeted 40% higher than an average utility bill. This keeps the rare cold and hot months paid for. If we plan a vacation, purchase or event (weddings) we plan spending every month heading into that event even if it is a year or more away out and plan the needed funds. Sometimes we had to borrow and would plan accordingly. We did this the last century planning the borrowing of money and getting it paid back in decent time. None of this works if you cant control credit card interest. I believe that is the first discipline needed in getting ahead. Before 1986 you could deduct credit card interest from you taxable income!

Your welcome signed Grandpa

 

[throwittoblythe]

I budget everything in Quicken 4 months or more in advance, all bills and income. Never carry a credit card balance. Utility bills are budgeted 40% higher than an average utility bill. This keeps the rare cold and hot months paid for. If we plan a vacation, purchase or event (weddings) we plan spending every month heading into that event even if it is a year or more away out and plan the needed funds. Sometimes we had to borrow and would plan accordingly. We did this the last century planning the borrowing of money and getting it paid back in decent time. None of this works if you cant control credit card interest. I believe that is the first discipline needed in getting ahead. Before 1986 you could deduct credit card interest from you taxable income!

Your welcome signed Grandpa

Impressive. We've done well financially. But we go through these cycles where we're good about it, then life gets busy and we lose the habit, then repeat. Never pay interest on cards and don't carry debt except the house.

I look at it like this: we are batting 0.275 but could be hitting 0.350. We're better than a lot, but aren't doing as much as we should. We just need to get into the habit and stick with it, even in busy times. That's why I like YNAB, but it takes the commitment and mind shift.